Don’t count the Swiss out of the war for top U.S. credit-card spenders.
UBS Group AG, Switzerland’s largest bank, plans to introduce a premium card this month as it seeks to strengthen ties with affluent Americans. The offering -- dubbed the UBS Visa Infinite card -- carries a $495 annual fee and sweeteners including an annual $500 airport lounge credit if users spend $50,000 a year.
With the new card, UBS “can have a more meaningful impact on our clients’ everyday lives and experiences,” John Mathews, the bank’s head of private wealth management and ultra-high-net-worth for the Americas, said in a statement Tuesday.
But the competition already is stiff. Lenders including JPMorgan Chase & Co. and U.S. Bancorp unveiled new offerings in the past year as they seek to wrest market share from American Express Co., which long dominated the elite-card business. That’s left customers with a growing array of benefits to weigh, and in March AmEx shot back by retooling its Platinum card, adding $200 a year in Uber rides.
For its part, UBS said cardholders will be able to redeem 25,000 points for a $350 airline ticket, versus AmEx’s rate of 35,000 points. The new product will be available May 27, replacing the UBS Preferred Visa Signature card, according to the statement.
To contact the reporter on this story: Jenny Surane in New York at jsurane4@bloomberg.net.
To contact the editors responsible for this story: Peter Eichenbaum at peichenbaum@bloomberg.net, Dan Reichl, David Scheer
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